Canadian home sales down for 4th straight month in July but prices still up – National | Globalnews.ca

The Canadian Real Estate Association says home sales continued to cool in July as they fell on a month-over-month basis for a fourth consecutive month. Prices, however, continued to climb, data shows.

The association says home sales for July were down 3.5 per cent compared with June and 28 per cent from their peak in March. The move lower came as the number of newly listed homes dropped by 8.8 per cent in July compared with June.

Compared with a year ago, sales in July were down 15.2 per cent from the record for the month set last year.

Still, last month still marked the second-best July on record for sales volumes, the association notes.

Prices, meanwhile, continued to rise. The composite home price, which adjusts for the types of properties sold, rose 0.6 per cent between June and July and was up 22.2 per cent compared to July of 2020.

The actual national average sale price reached $662,000 in July 2021, up 15.6 per cent from July of last year.

— With files from Global News’ Erica Alini